definition of imminent for hamish, page-2

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By Nicole Stevens
SYDNEY, Nov 11 AAP - Venture Minerals says it expects to hold
the world's second largest undeveloped tin deposit, at Mt Lindsay
in Tasmania, when the minerals explorer publishes a major tin and
tungsten resource upgrade this month.
The Mt Lindsay tin-tungsten project in north west Tasmania is
already ranked fifth largest in the world.
The Perth-based company says further exploratory drilling in the
region has intersected large zones of tin mineralisation and a
resource upgrade "is imminent".
Venture Minerals also holds three per cent of the world's known
Tungsten supply, a high-performance metal used in electronics,
lighting and military applications.
China, which controls 75 per cent of world tungsten supply, has
placed export restrictions on the commodity to secure supplies for
growing demand by its domestic steel industry,
China is also the world's largest producer and consumer of tin.
Venture chief executive Hamish Halliday said on Thursday the
outlook for tin and tungsten was very strong, with demand growing
for use in electronics, mobile phones and solder.
"It is an old world metal that has become a new world metal," Mr
Halliday told media in Sydney.
"There is no doubt supply will tighten, going forward, so we
will play off that."
BGF Equities research last Thursday said the tightening supply
and growing demand would keep upward pressure on tin prices, which
had outperformed other metals.
Analysts Warwick Grigor and Reg Spencer said that of a limited
field of companies, Venture offered the best "pure leverage" to
rising tin prices.
"The deposits lend themselves to flexibility with respect to
head grades and capital costs to optimise cash flows and can draw
on revenue from both tin and tungsten," the two analysts said in
report.
A pre-feasibility study on the Mt Lindsay project is due this
quarter, with a bankable feasibility study due in the fourth
quarter of 2011.
Mr Halliday said Venture planned to bring Mt Lindsay online in
2012, with finance consisting of 50/50 equity and debt.
Venture is engaging in talks with potential offtake partners
around the world, including Japan and Germany.
Shares in Venture Minerals closed up 1.5 cents, or 2.63 per
cent, at 58.5 cents.